DATE: September 14, 2021
SUBJECT:
Title
PRESENTATION ON THE DISTRICT'S DEFINED BENEFIT PLAN BY THE RETIREMENT PLAN ADMINISTRATOR
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EXECUTIVE SUMMARY:
The San Diego City Employees' Retirement System (SDCERS) is the Plan Administrator for the San Diego Unified Port District (District) Defined Benefit Retirement Plan. At the June 8, 2021 meeting of the Audit Oversight Committee a request was made for a presentation to the full Board of Port Commissioners (Board) on the District's defined benefit plan and pension liability. The SDCERS presentation is attached hereto as Attachment A but may be subject to change.
SDCERS staff will present on the valuation process and valuation results. The valuation and its contents were prepared in accordance with generally recognized and accepted actuarial principles and practices consistent with the Code of Professional Conduct and applicable Actuarial Standards of Practice established by the Actuarial Standards Board.
RECOMMENDATION:
Recommendation
Presentation on the district's defined benefit plan by the retirement plan administrator
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FISCAL IMPACT:
This item is for presentation to the Board and for informational purposes and has no fiscal impact.
COMPASS STRATEGIC GOALS:
This agenda item is part of the reporting system to promote transparency and open communication with the community and supports the following Strategic Goals:
* A Port that the public understands and trusts.
* A Port with an innovative and motivated workforce.
DISCUSSION:
SDCERS is the Plan Administrator for the District's defined benefit retirement plan. State law requires that the SDCERS Board of Administration have a funding plan in place to ensure that District and employee contributions, plus investment earnings, are sufficient to pay future retirement benefits.
In order to adequately assess the state of the District's defined benefit retirement plan, SDCERS as the District's Plan Administrator through its actuary conducts...
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